Sir Warren Buffet has given fine jeweller Tiffany & Co. some reason to be hopeful it can float through the economic stress in the U.S. Sir Buffet is looking at purchasing $250 million worth of debt from Tiffany. The purchase will be through a subsidiary of his holding company Birkshire Hathaway.

Media reports add that the bonds are expected to yield 10 percent a year and 50 percent of the debt is scheduled for maturity in 2017, while the remaining half in 2019.

This is giving Tiffany some way to meet its current debt and incorporating funds into its corporate needs. During the last Christmas, the jeweller had reported its worst sales in the past 21 years. Its sales from November through December amounted to $687.4 million, dropping by 21 percent. Following this, the company was wear of its fourth quarter results, ending January 31, 2009 to see a fall.